Uniswap(UNI), one of the largest decentralized cryptocurrency exchanges (DEXs) by trading volume, has made a significant announcement regarding the deployment of its v2 protocol on six additional chains.
Chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).
Uniswap expands v2 protocol deployment
According to recent post The decision by Uniswap Labs, the software product developer working on the protocol, to deploy the v2 protocol on X (formerly Twitter) to more chains was largely driven by a desire to simplify the experience for liquidity providers (LPs).
While v3 of the protocol offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more “simple approach.”
Basically, v2 pool Covers the entire price range, reducing the need for pre-determination and minimizing active intervention from liquidity providers. This simplification streamlines the process and makes it more accessible to a wider range of users, according to the announcement.
According to Uniswap Labs, another benefit of using the v2 protocol across multiple chains is cost-effectiveness. Creating pools in v2 is more gas efficient than other versions, which means lower gas costs for adding liquidity.
These cost savings translate into savings for users, making swaps on the platform “incredibly cheap.” Also, with v2 you get layer 2 The scaling solution significantly reduces the risk of preemption and manipulation practices known as Miner Extractable Value (MEV).
Ultimately, the developers suggest that by providing an official v2 distribution accessible directly through the Uniswap interface, users can be assured of a safe and secure environment for swaps.
UNI price falls, platform indicators remain solid
Despite recent developments that may grab investor attention and drive widespread adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing significant changes. correction Consistent with overall market trends.
UNI is currently trading at $7.22, down 4.4% over the last 24 hours and down 1.1% over the last trading session. However, it is worth noting that UNI is one of the best-performing tokens on the market, recording price increases of 14.7% and 16.8% over the past 14 and 30 days respectively.
Besides, according to data On Token Terminal, the Uniswap ecosystem continues to show significant growth across key metrics.
Uniswap’s fully diluted market capitalization is $7.56 billion, which reflects the total value of all tokens if fully distributed. This figure has increased by 18.4% over the past month.
On the other hand, the circulating market capitalization considering tokens currently in circulation increased by 19.9% over the same period to $6.94 billion.
Despite the overall market capitalization increase, trading volume The value of UNI tokens has decreased by 69.3% over the past 30 days, reaching $2.79 billion.
Total value locked (TVL), which measures the value of assets locked within Uniswap’s smart contracts, also increased 14.4%, reaching $4.76 billion.
Featured image from Shutterstock, chart from TradingView.com
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